New Delhi: IndianOil and NTPC signed an agreement to form a joint venture company to meet the power requirements of upcoming projects at IndianOil refineries.
For the purpose of increasing the usage and capacity of renewable energy sources in the country, the state-run corporations teamed up to set up renewable energy-based power plants for IndianOil Refineries.
Speaking on the occasion, Mr. Shrikant Madhav Vaidya, Chairman, IndianOil, said, “It is indeed a powerful statement, as two fossil fuel giants of the country—IndianOil and NTPC—join hands to change their path towards green energy”.
He added that the two Maharatna PSUs can now leverage their capabilities to push forward the green growth agenda.
“The joint venture between the two energy majors for a common purpose is a classic example of teamwork and collaboration for others to follow,” said Mr. Gurdeep Singh, CMD, NTPC.
Going forward, NTPC Green Energy Limited (NGEL), a wholly owned subsidiary of NTPC, will form the JV Company to supply RE-RTC power to IndianOil. NGEL will be an umbrella company for consolidating NTPC’s total renewable energy businesses.
Through this JV, IndianOil plans to meet the additional power requirements of its refineries using round-the-clock renewable energy to 650 MW by December 2024 through this JV.